The Hindu Business Line : Federal Bank Q3 net surges to Rs 72 cr

THE net profit of Federal Bank has grown by 190 per cent to Rs 174.48 crore (Rs 60.23 crore) for the nine-month period ending December 2005. The Board of the bank, which met yesterday, approved the financial results.

Despite the fall in income from the sale of securities, the operating profit grew nominally to Rs 309.47 crore (Rs 307.66 crore). The operating profit excluding trading gains grew to Rs 289.93 crore (Rs 257.38 crore) mainly on account of a spurt in net interest income by 9.4 per cent.

The net profit increased to Rs 71.64 crore (Rs 12.01 crore) during the third quarter ending December 2005. The operating profit grew to Rs 112.59 crore (Rs 83.99 crore) during the same period.

The total business volumes increased to Rs 26,963 crore. Total deposits grew by 28 per cent to Rs 16,447 crore and total advances grew by 26 per cent to 10,515 crore.

Total income grew 13.12 per cent to Rs 1,193.44 crore (Rs 1,055.06 crore), even as total expenditure grew 18.27 per cent to Rs 883.97 crore (Rs 747.40 crore). The growth in expenditure was partly due to disbursement of salary arrears as per the national level settlement and increased outgo of Rs 109.20 crore as interest expenses. The total investments increased to Rs 6207.78 crore (Rs 4792.25 crore).

Earnings per share on an annualised basis grew to Rs 35.46 from Rs 12.26 for last year. The book value per share improved to Rs 136.86 from Rs 108.80 per share.

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